According to recent reports, the Honduran Government is planning to submit a tax reform bill to the National Congress. One of the key reforms is the introduction of new rules for the taxation of worldwide income, including all domestic and foreign income obtained by Honduran natural or legal persons residing or domiciled in Honduras. Currently, only income derived from Honduras is taxed (territorial income). The bill would also amend existing tax exemption regimes and introduce a new Development Incentives Regime and Free Trade Zone Regime. Lastly, the bill would introduce new rules for an ultimate beneficial owner registry. Further details...